“Throughout 2018 favorable trends in the out-of-home sector, especially
in the U.S., have combined with our strategic initiatives to deliver
growth across our businesses,” said Bob Pittman, Executive Chairman and
Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Our
commitment to creating smarter out-of-home advertising solutions by
expanding our innovative assets, providing data-backed insights and
empowering our sales teams are generating superior results for our
advertising partners. We believe these strategic investments will
provide Clear Channel Outdoor’s experienced new Board of Directors and
strong leadership team with the foundation for future growth and success
when it becomes a standalone public company.”

“We are pleased to report consolidated revenue, operating income, and
adjusted OIBDAN increased for the full year, including the fourth
quarter,” said Rich Bressler, Chief Financial Officer of Clear Channel
Outdoor Holdings, Inc. “We believe the steps we have taken to strengthen
Clear Channel Outdoor’s operations through the investments in our
strategic initiatives and our financial discipline led to the strong
results this year and the recent successful refinancing of the $2.2
billion of Senior Subordinated Notes.”

Key Financial Highlights

The Company’s key financial highlights for the fourth quarter of 2018
include:

Consolidated revenue increased 5.1%. Consolidated revenue increased
4.5%, after adjusting for a $30.5 million impact from movements in
foreign exchange rates and the $13.7 million impact of the sale of our
business in Canada in the third quarter of 2017.

Americas outdoor revenues increased $28.3 million, or 2.4%.
Revenues increased $42.0 million, or 3.7%, after adjusting for a
$13.7 million impact from the sale of Canada in the third quarter
of 2017.

International outdoor revenues increased $104.7 million, or 7.3%.
Revenues increased $74.2 million, or 5.2%, after adjusting for a
$30.5 million impact from movements in foreign exchange rates.

Adding 29 new digital billboards in the fourth quarter in the United
States for a total of 1,285 and 446 new digital displays in the fourth
quarter in our International markets for a total of over 13,500
digital displays.

Expanding placement of innovative media assets:

Renewing the partnership with Tallahassee International Airport with a
five-year contract expansion and planned installation of a new media
network, including two LED video walls at arrivals and baggage claim.

Extending the agreement with the city of Rio, Brazil for another
seven-years to continue operating 2,200 panels and screens. These
assets cover some of the most important areas of Rio, including the
Ipanema and Copacabana beaches, giving advertisers the ability to
reach and engage audiences across the city.

Building the UK’s largest single digital OOH network with Adshel Live
digital street furniture, which now includes over 1,700 screens
throughout the UK.

Bolstering our solutions for advertisers:

Partnering with San Diego International Airport with a new ten-year
contract that includes cutting-edge digital media. Combining this new
contract with the San Diego Metropolitan Transit System contract
enables - Americas Outdoor to reach 99% of the San Diego DMA.

Announcing Clear Channel Spain’s new two and a half year contract to
operate advertising across the “Las Tablas - Sanchinarro” line of the
Metro Ligero de Madrid light rail network. The contract extends Clear
Channel’s network of advertising solutions across Madrid to include
advertising on the network’s stations and stops, and the exterior of
trains.

Signing the contract with Transdev to operate advertising across the
transport network in Saint-Etienne, France.

Winning recognition for campaigns:

Earning the OOH Association of America “OOH Ratings-Driven Media Plan
Award for the Northern California Honda dealers’ campaign that used
RADAR, our industry leading data analytics suite of products, to
combine targeted print posters with mobile ads sent to consumers. This
campaign resulted in an 80% lift in visitors to participating dealers.

Being honored by National League of Cities with the “Service to Cities
Award” for Americas Outdoor’s outstanding contributions to cities
across the nation through the use of digital billboards to raise
awareness of the country’s critical infrastructure gap. This campaign
helped municipal governments fight for federal investment.

Nivea Receiving the Gold award in the “Best Tactical Campaign”
category at Spain’s Eficacia Awards using Clear Channel Spain’s
dynamic DOOH campaign. The inventory used a warning system -which
reported live pollution, temperature and UV levels - to trigger real
time ads inviting consumers to go to the nearest point of sale and
purchase the relevant product from Nivea. The campaign generated sales
increases of 42% in Barcelona and 23% in Madrid.

GAAP Measures by Segment

(In thousands)

Three Months EndedDecember 31,

%Change

Year EndedDecember 31,

%

Change

2018

2017

2018

2017

Revenue

Americas

$

330,158

$

306,715

7.6%

$

1,189,348

$

1,161,059

2.4%

International

417,430

421,689

(1.0)%

1,532,357

1,427,643

7.3%

Consolidated revenue

$

747,588

$

728,404

2.6%

$

2,721,705

$

2,588,702

5.1%

Direct Operating and SG&A expenses1

Americas

$

191,899

$

182,149

5.4%

$

724,347

$

724,926

(0.1)%

International

324,287

317,059

2.3%

1,269,239

1,184,054

7.2%

Consolidated Direct Operating and SG&A expenses1

$

516,186

$

499,208

3.4%

$

1,993,586

$

1,908,980

4.4%

Operating income

Americas

$

98,863

$

75,574

30.8%

$

298,195

$

257,014

16.0%

International

58,819

65,529

(10.2)%

114,919

101,777

12.9%

Corporate2

(41,998

)

(39,483

)

(6.4)%

(156,037

)

(148,738

)

(4.9)%

Impairment charges

—

(2,568

)

(100.0)%

(7,772

)

(4,159

)

86.9%

Other operating income (expense), net

798

(2,266

)

2,498

26,391

Consolidated Operating income

$

116,482

$

96,786

20.4%

$

251,803

$

232,285

8.4%

1Direct Operating and SG&A Expenses as included throughout
this earnings release refers to the sum of Direct operating expenses
(excludes depreciation and amortization) and Selling, general and
administrative expenses (excludes depreciation and amortization).

2Includes Corporate depreciation and amortization of $1.0
million and $1.0 million for the three months ended December 31, 2018
and 2017, respectively, and $3.9 million and $5.1 million for the years
ended December 31, 2018 and 2017, respectively.

Revenue excluding effects of foreign exchange and revenue from
business sold

Americas

$

330,158

$

306,715

7.6%

$

1,189,351

$

1,147,379

3.7%

Consolidated revenue, excluding effects of foreign exchange and
revenue from business sold

$

764,918

$

728,404

5.0%

$

2,691,168

$

2,575,022

4.5%

OIBDAN excluding effects of foreign exchange and OIBDAN from
business sold

Americas

$

138,258

$

124,566

11.0%

$

464,998

$

436,038

6.6%

Consolidated OIBDAN, excluding effects of foreign exchange and
OIBDAN from business sold

$

195,908

$

193,168

1.4%

$

584,880

$

545,539

7.2%

Certain prior period amounts have been reclassified to conform to the
2018 presentation of financial information throughout the press release.

1

See the end of this press release for reconciliations of (i) OIBDAN,
excluding effects of foreign exchange rates and OIBDAN for each
segment, to consolidated and segment operating income (loss); (ii)
revenues, excluding effects of foreign exchange rates, to revenues;
(iii) direct operating and SG&A expenses, excluding effects of
foreign exchange rates, to direct operating and SG&A expenses; (iv)
corporate expenses, excluding non-cash compensation expenses and
effects of foreign exchange rates, to corporate expenses; (v)
Consolidated and segment revenues, excluding effects of foreign
exchange rates and results from business sold, to Consolidated and
segment revenues; (vi) Consolidated and segment direct operating and
SG&A expenses, excluding effects of foreign exchange rates and
results from business sold, to Consolidated and segment direct
operating and SG&A expenses; and (vii) Consolidated and segment
OIBDAN, excluding effects of foreign exchange rates and results from
business sold, to Consolidated and segment operating income (loss).
See also the definition of OIBDAN under the Supplemental Disclosure
section in this release.

Fourth Quarter 2018 Results

Consolidated

Consolidated revenue increased $19.2 million, or 2.6%, during the fourth
quarter of 2018 as compared to the fourth quarter of 2017. Consolidated
revenue increased $36.5 million, or 5.0%, after adjusting for a $17.3
million impact from movements in foreign exchange rates.

Consolidated direct operating and SG&A expenses increased $17.0 million,
or 3.4%, during the fourth quarter of 2018 as compared to the fourth
quarter of 2017. Consolidated direct operating and SG&A expenses
increased $30.2 million, or 6.1%, in the fourth quarter, after adjusting
for a $13.3 million impact from movements in foreign exchange rates.

Consolidated operating income increased 20.4% to $116.5 million during
the fourth quarter of 2018 as compared to the fourth quarter of 2017,
due to revenue growth in our Americas business.

The Company's OIBDAN decreased 0.5% to $192.2 million during the fourth
quarter of 2018 as compared to the fourth quarter of 2017. The Company’s
OIBDAN increased 1.4% in the fourth quarter of 2018 compared to the same
period of 2017, after adjusting for movements in foreign exchange rates.

Americas

Americas revenue increased $23.4 million, or 7.6%, during the fourth
quarter of 2018 as compared to the fourth quarter of 2017. The increase
in revenue was due to higher digital, print and airport revenue.

Direct operating and SG&A expenses increased $9.8 million, or 5.4%,
during the fourth quarter of 2018 as compared to the fourth quarter of
2017. The increase was primarily due to higher employee compensation
expense, including variable compensation plans, and higher site lease
expense related to higher revenue.

Operating income increased 30.8% to $98.9 million during the fourth
quarter of 2018 as compared to the fourth quarter of 2017. OIBDAN
increased $13.7 million, or 11.0%.

International

International revenue decreased $4.3 million, or 1.0%, during the fourth
quarter of 2018 as compared to the fourth quarter of 2017. Revenue
increased $13.0 million, or 3.1%, after adjusting for a $17.3 million
impact from movements in foreign exchange rates. The increase in revenue
is due to growth in multiple countries, including Sweden, France, Spain
and Norway, as well as the United Kingdom, primarily from new
deployments and digital expansion, offset by a decrease in revenue in
China due to lower occupancy, impacted by a general economic slow-down
in the country.

Direct operating and SG&A expenses increased $7.2 million, or 2.3%,
during the fourth quarter of 2018 as compared to the fourth quarter of
2017. Direct operating and SG&A expenses increased $20.5 million, or
6.5%, after adjusting for a $13.3 million impact from movements in
foreign exchange rates. Direct operating and SG&A expenses increased
primarily due to higher site lease expenses and employee compensation in
countries experiencing revenue growth.

Operating income decreased 10.2% to $58.8 million during the fourth
quarter of 2018 as compared to the fourth quarter of 2017. OIBDAN
decreased $11.5 million, or 11.0%. OIBDAN decreased $7.4 million, or
7.1%, during the fourth quarter of 2018, after adjusting for a $4.1
million impact from movements in foreign exchange rates.

Clear Channel International B.V. (“CCIBV”)

CCIBV’s consolidated revenue increased $9.2 million to $330.4 million in
the fourth quarter of 2018 compared to the same period in 2017. This
increase includes a $12.1 million impact from movements in foreign
exchange rates. Excluding the impact from movements in foreign exchange
rates, CCIBV revenue increased $21.3 million during the fourth quarter
of 2018 as compared to the same period in 2017.

CCIBV’s operating income was $33.8 million in the fourth quarter of 2018
compared to an operating income of $22.4 million in the same period in
2017.

Full Year 2018 Results

Consolidated

Consolidated revenue increased $133.0 million, or 5.1%, during 2018 as
compared to 2017. Consolidated revenue increased $116.2 million, or
4.5%, after adjusting for a $30.5 million impact from movements in
foreign exchange rates and the $13.7 million impact of the sale of our
business in Canada.

Consolidated direct operating and SG&A expenses increased $84.6 million,
or 4.4%, during 2018 as compared to 2017. Consolidated direct operating
and SG&A expenses increased $68.4 million, or 3.6%, during 2018 as
compared to 2017, after adjusting for a $29.8 million impact of
movements in foreign exchange rates and the $13.6 million impact of the
sale of our business in Canada.

Consolidated operating income increased 8.4% to $251.8 million, during
2018 as compared to 2017. The Company's OIBDAN increased 7.1% to $584.5
million during 2018 as compared to 2017. After adjusting for the
movements in foreign exchange rates and the impact of the sale of our
business in Canada, the Company’s OIBDAN increased 7.2% in 2018 compared
to 2017.

Americas Outdoor

Americas outdoor revenue increased $28.3 million, or 2.4%, during 2018
as compared to 2017. Revenue increased $42.0 million, or 3.7%, after
adjusting for a $13.7 million impact from the sale of our business in
Canada. This increase was driven by higher digital and print revenue.

Direct operating and SG&A expenses decreased $0.6 million, or 0.1%,
during 2018 as compared to 2017. Direct operating and SG&A expenses
increased $13.0 million, or 1.8%, after adjusting for the $13.6 million
impact from the sale of our business in Canada. These increases were
driven primarily by higher site lease expense and employee compensation,
including variable compensation plans.

Operating income increased 16% to $298.2 million during 2018 as compared
to 2017 as a result of revenue growth. OIBDAN increased $28.9 million,
or 6.6%. OIBDAN increased 6.6% during 2018 as compared to 2017, after
adjusting for the $0.1 million impact from the sale of our business in
Canada.

International Outdoor

International outdoor revenue increased $104.7 million, or 7.3%, during
2018 as compared to 2017. Revenue increased $74.2 million, or 5.2%,
after adjusting for a $30.5 million impact from movements in foreign
exchange rates. The increase in revenue is due to growth in multiple
countries, including Sweden, China, Spain, Switzerland, Ireland, France,
Finland and the United Kingdom, primarily from new deployments and
digital expansion.

Direct operating and SG&A expenses increased $85.2 million, or 7.2%,
during 2018 as compared to 2017. Direct operating and SG&A expenses
increased $55.4 million, or 4.7%, after adjusting for a $29.8 million
impact from movements in foreign exchange rates. These increases were
primarily driven by higher site lease expenses related to new contracts
and higher revenues, as well as higher employee-related expenses in
countries experiencing growth.

Operating income increased 12.9% to $114.9 million during 2018 as
compared to 2017. OIBDAN increased $19.5 million, or 8.0%. OIBDAN
increased $18.8 million, or 7.7%, during 2018 as compared to 2017, after
adjusting for a $0.7 million impact from movements in foreign exchange
rates.

Clear Channel International B.V. (“CCIBV”)

CCIBV’s consolidated revenue increased $94.4 million to $1,173.6 million
in 2018 compared to 2017. This increase includes a $30.1 million impact
from movements in foreign exchange rates. Excluding the impact from
movements in foreign exchange rates, CCIBV revenue increased $64.3
million during 2018 as compared to 2017.

CCIBV’s operating income was $22.4 million in 2018 compared to operating
loss of $10.6 million in 2017. The increase was primarily due to an
increase in revenue.

Liquidity and Financial Position

As of December 31, 2018, we had $182.5 million of cash on our balance
sheet, including $162.4 million of cash held outside the U.S. by our
subsidiaries. For the year ended December 31, 2018, cash provided by
operating activities was $187.3 million, cash used for investing
activities was $203.6 million, cash provided by financing activities was
$40.7 million, and there was a $9.8 million decrease that resulted from
the impact from movements in foreign exchange rates on cash. The net
increase in cash, cash equivalents and restricted cash from December 31,
2017 was $14.6 million.

Capital expenditures for the year ended December 31, 2018 were $211.1
million compared to $224.2 million for the same period in 2017.

On January 24, 2018, we made a demand for repayment of $30.0 million
outstanding under the Due from iHeartCommunications Note and
simultaneously paid a special cash dividend of $30.0 million.
iHeartCommunications received approximately 89.5%, or approximately
$26.8 million, of the proceeds of the dividend through its wholly-owned
subsidiaries, with the remaining approximately 10.5%, or approximately
$3.2 million, of the proceeds of the dividend paid to our public
stockholders.

At December 31, 2018, the principal amount outstanding under the Due
from iHeartCommunications Note was $1,031.7 million. As a result of the
voluntary petition by iHeartMedia, iHeartCommunications and certain of
their subsidiaries for reorganization under Chapter 11 of the United
States Bankruptcy Code (the "iHeart Chapter 11 Cases"), CCOH recognized
a loss of $855.6 million on the Due from iHeartCommunications Note
during the fourth quarter of 2017 to reflect the estimated recoverable
amount of the note as of December 31, 2017, based on management's best
estimate of the cash settlement amount. As of December 31, 2018 and
December 31, 2017, the asset recorded in “Due from iHeartCommunications”
on our consolidated balance sheet was $154.8 million and $212.0 million,
respectively.

Pursuant to a final order entered by the Bankruptcy Court, as of March
14, 2018, the actual pre-iHeart bankruptcy balance of the Due from
iHeartCommunications Note is frozen, and following March 14, 2018,
intercompany allocations that would have been reflected in adjustments
to the balance of the Due from iHeartCommunications Note are instead
reflected in a new intercompany balance that accrues interest at a rate
equal to the interest under the Due from iHeartCommunications Note. The
Bankruptcy Court approved a final order to allow iHeartCommunications to
continue to provide the day-to-day cash management services for us
during the iHeart Chapter 11 Cases and we expect it to continue to do so
until such arrangements are addressed through the iHeart Chapter 11
Cases. As of December 31, 2018, we owed $21.6 million to
iHeartCommunications under the intercompany arrangement with
iHeartCommunications. As described in our Annual Report on Form 10-K,
pursuant to the Settlement Agreement, we agreed that we will recover
14.44%, or approximately $149.0 million, in cash on our allowed claim of
$1,031.7 million under the Due from iHeartCommunications Note. In
addition, iHeartCommunications agreed to waive the set-off for the value
of the intellectual property transferred, including royalties and the
repayment of the post-petition intercompany balance outstanding in favor
of the iHeartCommunications as of December 31, 2018.

On June 1, 2018, Clear Channel Outdoor, Inc. ("CCO"), a subsidiary of
ours, refinanced the Company's senior revolving credit facility with a
receivables-based credit facility that provides for revolving credit
commitments of up to $75.0 million. On June 29, 2018, CCO entered into
an amendment providing for a $50.0 million incremental increase of the
facility, bringing the aggregate revolving credit commitments to $125.0
million. The facility has a five-year term, maturing in 2023. As of
December 31, 2018, the facility had $94.4 million of letters of credit
outstanding and a borrowing base of $125.0 million, resulting in $30.6
million of excess availability. Certain additional restrictions,
including a springing financial covenant, take effect at decreased
levels of excess availability.

In February 2019, a wholly-owned subsidiary of ours issued $2,235.0
million of new 9.25% Senior Subordinated Notes due 2024. Proceeds from
the new notes were used to pay and discharge the principal amount
outstanding and accrued and unpaid interest on the $275.0 million
aggregate principal amount of 7.625% Series A Senior Subordinated Notes
Due 2020 and $1,925.0 million aggregate principal amount of 7.625%
Series B Senior Subordinated Notes Due 2020 through a redemption date of
March 6, 2019.

Conference Call

The Company will host a conference call to discuss results on March 5,
2019 at 4:30 p.m. Eastern Time. The conference call number is (800)
230-1074 (U.S. callers) and (612) 234-9959 (International callers) and
the passcode for both is 463556. A live audio webcast of the conference
call will also be available on the investor section of www.clearchanneloutdoor.com.
After the live conference call, a replay will be available for a period
of thirty days. The replay numbers are (800) 475-6701 (U.S. callers) and
(320) 365-3844 (International callers) and the passcode for both is
463556. An archive of the webcast will be available beginning 24 hours
after the call for a period of thirty days.

Selling, general and administrative expenses (excludes depreciation
and amortization)

141,424

128,616

522,918

499,213

Corporate expenses (excludes depreciation and amortization)

40,998

38,465

152,090

143,678

Depreciation and amortization

74,720

89,111

318,952

325,991

Impairment charges

—

2,568

7,772

4,159

Other operating income (expense), net

798

(2,266

)

2,498

26,391

Operating income

116,482

96,786

251,803

232,285

Interest expense

96,724

96,899

388,133

379,701

Interest income (expense) on Due from (to) iHeartCommunications, net

(180

)

21,594

393

68,871

Loss on Due from iHeartCommunications

—

(855,648

)

—

(855,648

)

Equity in earnings (loss) of nonconsolidated affiliates

520

(161

)

904

(990

)

Other income (expense), net

(13,267

)

6,951

(35,297

)

28,755

Income (loss) before income taxes

6,831

(827,377

)

(170,330

)

(906,428

)

Income tax benefit (expense)

24,501

293,118

(32,515

)

280,218

Consolidated net income (loss)

31,332

(534,259

)

(202,845

)

(626,210

)

Less: Amount attributable to noncontrolling interest

5,679

7,592

15,395

18,138

Net income (loss) attributable to the Company

$

25,653

$

(541,851

)

$

(218,240

)

$

(644,348

)

For the three months ended December 31, 2018, foreign exchange rate
movements decreased the Company’s revenues by $17.3 million and
decreased direct operating expenses by $9.6 million and SG&A expenses by
$3.7 million. For the year ended December 31, 2018, foreign exchange
rate movements increased the Company’s revenues by $30.5 million and
increased direct operating expenses by $23.1 million and SG&A expenses
by $6.7 million.

TABLE 2 - Selected Balance Sheet Information

Selected balance sheet information for December 31, 2018 and
December 31, 2017:

(In millions)

December 31, 2018

December 31, 2017

Cash and cash equivalents

$

182.5

$

144.1

Total current assets

1,015.8

974.2

Net property, plant and equipment

1,288.9

1,395.0

Due from iHeartCommunications

154.8

212.0

Total assets

4,522.0

4,670.8

Current liabilities (excluding current portion of long-term debt)

729.6

656.9

Long-term debt (including current portion of long-term debt)

5,277.3

5,266.7

Stockholders’ deficit

(2,101.7

)

(1,858.3

)

TABLE 3 - Total Debt

At December 31, 2018 and December 31, 2017, Clear Channel Outdoor
Holdings had a total net debt of:

(In millions)

December 31, 2018

December 31, 2017

Clear Channel Worldwide Senior Notes:

6.5% Series A Senior Notes Due 2022

$

735.8

$

735.8

6.5% Series B Senior Notes Due 2022

1,989.2

1,989.2

Clear Channel Worldwide Holdings Senior Subordinated Notes:

7.625% Series A Senior Subordinated Notes Due 2020

275.0

275.0

7.625% Series B Senior Subordinated Notes Due 2020

1,925.0

1,925.0

Clear Channel International B.V. Senior Notes due 2020

375.0

375.0

Other debt

3.9

2.4

Original issue discount

(0.7

)

(0.2

)

Long-term debt fees

(25.9

)

(35.5

)

Total debt

5,277.3

5,266.7

Cash

182.5

144.1

Net Debt

$

5,094.8

$

5,122.6

The current portion of long-term debt was $0.2 million and $0.6 million
as of December 31, 2018 and December 31, 2017, respectively.

Supplemental Disclosure Regarding Non-GAAP
Financial Information

The following tables set forth the Company’s OIBDAN for the three months
and years ended December 31, 2018 and 2017. The Company defines OIBDAN
as consolidated operating income adjusted to exclude non-cash
compensation expenses included within corporate expenses, as well as the
following line items presented in its Statement of Operations:
Depreciation and amortization; Impairment charges; and Other operating
income (expense), net.

The Company uses OIBDAN, among other measures, to evaluate the Company's
operating performance. This measure is among the primary measures used
by management for the planning and forecasting of future periods, as
well as for measuring performance for compensation of executives and
other members of management. We believe this measure is an important
indicator of the Company's operational strength and performance of its
business because it provides a link between operational performance and
operating income. It is also a primary measure used by management in
evaluating companies as potential acquisition targets.

The Company believes the presentation of this measure is relevant and
useful for investors because it allows investors to view performance in
a manner similar to the method used by the Company's management. The
Company believes it helps improve investors' ability to understand the
Company's operating performance and makes it easier to compare the
Company's results with other companies that have different capital
structures or tax rates. In addition, the Company believes this measure
is also among the primary measures used externally by the Company's
investors, analysts and peers in its industry for purposes of valuation
and comparing the operating performance of the Company to other
companies in its industry.

Since OIBDAN is not a measure calculated in accordance with GAAP, it
should not be considered in isolation of, or as a substitute for,
operating income as an indicator of operating performance and may not be
comparable to similarly titled measures employed by other companies.
OIBDAN is not necessarily a measure of the Company's ability to fund its
cash needs. As it excludes certain financial information compared with
operating income, the most directly comparable GAAP financial measure,
users of this financial information should consider the types of events
and transactions which are excluded.

The other non-GAAP financial measures presented in the tables below are:
(i) revenues, direct operating and SG&A expenses and OIBDAN, each
excluding the effects of foreign exchange rates; (ii) revenues, direct
operating and SG&A expenses and OIBDAN, each excluding the effects of
foreign exchange rates and the results from business sold and (iii)
corporate expenses, excluding non-cash compensation expenses and the
effects of foreign exchange rates.

The Company presents revenues, direct operating and SG&A expenses and
OIBDAN, each excluding the effects of foreign exchange rates, because
management believes that viewing certain financial results without the
impact of fluctuations in foreign currency rates facilitates period to
period comparisons of business performance and provides useful
information to investors. A significant portion of the Company's
advertising operations are conducted in foreign markets, principally
Europe, the U.K. and China, and management reviews the results from its
foreign operations on a constant dollar basis. Revenues, direct
operating and SG&A expenses and OIBDAN, each excluding the effects of
foreign exchange rates, are calculated by converting the current
period's amounts in local currency to U.S. dollars using average foreign
exchange rates for the prior period.

In the third quarter of 2017, we sold our business in Canada. The
Company presents revenues, direct operating and SG&A expenses and
OIBDAN, each excluding the effects of foreign exchange rates and the
results from the business sold, for the consolidated Company and the
Company's segments, in order to facilitate investors' understanding of
operational trends without the impact of fluctuations in foreign
currency rates and without the results from the markets and businesses
that were sold, as these results will not be included in the Company's
results in current and future periods.

Since these non-GAAP financial measures are not calculated in accordance
with GAAP, they should not be considered in isolation of, or as a
substitute for, the most directly comparable GAAP financial measures as
an indicator of operating performance.

As required by the SEC rules, the Company provides reconciliations below
to the most directly comparable amounts reported under GAAP, including
(i) OIBDAN, excluding effects of foreign exchange rates and OIBDAN for
each segment, to consolidated and segment operating income (loss); (ii)
revenues, excluding effects of foreign exchange rates, to revenues;
(iii) direct operating and SG&A expenses, excluding effects of foreign
exchange rates, to direct operating and SG&A expenses; (iv) corporate
expenses, excluding non-cash compensation expenses and effects of
foreign exchange rates, to corporate expenses; (v) Consolidated and
segment revenues, excluding effects of foreign exchange rates and
results from business sold, to Consolidated and segment revenues; (vi)
Consolidated and segment direct operating and SG&A expenses, excluding
effects of foreign exchange rates and results from business sold, to
Consolidated and segment direct operating and SG&A expenses; and (vii)
Consolidated and segment OIBDAN, excluding effects of foreign exchange
rates and results from business sold, to Consolidated and segment
operating income (loss).

Reconciliation of OIBDAN, excluding effects of foreign exchange rates
and OIBDAN for each segment to, Consolidated and Segment Operating
Income (Loss)

Reconciliation of Consolidated and Segment Revenues, excluding
effects of foreign exchange rates and results from business sold, to
Consolidated and Segment Revenues

(In thousands)

Three Months EndedDecember 31,

%

Change

Year EndedDecember 31,

%Change

2018

2017

2018

2017

Consolidated revenue

$

747,588

$

728,404

2.6%

$

2,721,705

$

2,588,702

5.1%

Excluding: Revenue from business sold

—

—

—

(13,680

)

Excluding: Effects of foreign exchange

17,330

—

(30,537

)

—

Consolidated revenue, excluding effects of foreign exchange and
revenue from business sold

$

764,918

$

728,404

5.0%

$

2,691,168

$

2,575,022

4.5%

Americas revenue

$

330,158

$

306,715

7.6%

$

1,189,348

$

1,161,059

2.4%

Excluding: Revenue from business sold

—

—

—

(13,680

)

Excluding: Foreign exchange increase

—

—

3

—

Americas revenue, excluding effects of foreign exchange and revenue
from business sold

$

330,158

$

306,715

7.6%

$

1,189,351

$

1,147,379

3.7%

Reconciliation of Consolidated and Segment Direct operating and SG&A
expenses, excluding effects of foreign exchange rates and results from
business sold, to Consolidated and Segment Direct operating and SG&A
expenses

(In thousands)

Three Months EndedDecember 31,

%

Change

Year EndedDecember 31,

%Change

2018

2017

2018

2017

Consolidated direct operating and SG&A expenses

$

516,186

$

499,208

3.4%

$

1,993,586

$

1,908,980

4.4%

Excluding: Operating expenses from business sold

—

—

—

(13,585

)

Excluding: Effects of foreign exchange

13,262

—

(29,827

)

—

Consolidated direct operating and SG&A expenses, excluding effects
of foreign exchange and operating expenses from business sold

$

529,448

$

499,208

6.1%

$

1,963,759

$

1,895,395

3.6%

Americas direct operating and SG&A expenses

$

191,899

$

182,149

5.4%

$

724,347

$

724,926

(0.1)%

Excluding: Operating expenses from business sold

—

—

—

(13,585

)

Excluding: Foreign exchange increase

1

—

6

—

Americas direct operating and SG&A expenses, excluding effects of
foreign exchange and operating expenses from business sold

$

191,900

$

182,149

5.4%

$

724,353

$

711,341

1.8%

Reconciliation of Consolidated and Segment OIBDAN, excluding effects
of foreign exchange rates and results from business sold to,
Consolidated and Segment Operating Income (Loss)

(In thousands)

Three Months EndedDecember 31,

%

Change

Year EndedDecember 31,

%Change

2018

2017

2018

2017

Consolidated operating income

$

116,482

$

96,786

20.4%

$

251,803

$

232,285

8.4%

Excluding: Revenue, direct operating and SG&A expenses from business
sold

—

—

—

(95

)

Excluding: Effects of foreign exchange

3,744

—

334

—

Excluding: Non-cash compensation expense

1,760

2,437

8,517

9,590

Excluding: Depreciation and amortization

74,720

89,111

318,952

325,991

Excluding: Other operating (income) expense, net

(798

)

2,266

(2,498

)

(26,391

)

Consolidated OIBDAN, excluding effects of foreign exchange and
OIBDAN from business sold

$

195,908

$

193,168

1.4%

$

584,880

$

545,539

7.2%

Americas Outdoor operating income

$

98,863

$

75,574

30.8%

$

298,195

$

257,014

16.0%

Excluding: Revenue, direct operating and SG&A expenses from business
sold

—

—

—

(95

)

Excluding: Effects of foreign exchange

(1

)

—

(3

)

—

Excluding: Depreciation and amortization

39,396

48,992

166,806

179,119

Americas Outdoor OIBDAN, excluding effects of foreign exchange and
OIBDAN from business sold

$

138,258

$

124,566

11.0%

$

464,998

$

436,038

6.6%

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world’s
largest outdoor advertising companies with over 450,000 displays in 31
countries across Asia, Europe, Latin America and North America. Reaching
millions of people monthly, including consumers in 44 of the top 50 U.S.
markets, Clear Channel Outdoor enables advertisers to engage with
consumers through innovative advertising solutions. Clear Channel
Outdoor is pioneering the integration of out-of-home with mobile and
social platforms, and the company’s digital platform includes more than
1,200 digital billboards across 28 markets in the U.S. and over 13,500
digital displays in international markets. More information is available
at www.clearchanneloutdoor.com
and www.clearchannelinternational.com.

Certain statements in this press release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
of Clear Channel Outdoor Holdings, Inc. and its subsidiary Clear Channel
International B.V. to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. The words or phrases “guidance,” “believe,” “expect,”
“anticipate,” “estimates,” “forecast” and similar words or expressions
are intended to identify such forward-looking statements. In addition,
any statements that refer to expectations or other characterizations of
future events or circumstances, such as statements about our business
plans, strategies and initiatives and our expectations about certain
markets, are forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond our control
and are difficult to predict. Various risks that could cause future
results to differ from those expressed by the forward-looking statements
included in this press release include, but are not limited to: weak or
uncertain global economic condition; our ability to service our debt
obligations and to fund our operations and capital expenditures;
industry conditions, including competition; our dependence on our
management team and other key individuals; our ability to obtain key
municipal concessions; fluctuations in operating costs; technological
changes and innovations; shifts in population and other demographics;
other general economic and political conditions in the United States and
in other countries in which we currently do business; changes in labor
conditions and management; the impact of future dispositions,
acquisitions and other strategic transactions; legislative or regulatory
requirements; regulations and consumer concerns regarding privacy and
data protection; restrictions on outdoor advertising of certain
products; capital expenditure requirements; fluctuations in exchange
rates and currency values; risks of doing business in foreign countries;
the identification of a material weakness in our internal controls over
financial reporting; our relationship with iHeartCommunications,
including its ability to elect all of the members of our board of
directors and its ability as our controlling stockholder to determine
the outcome of matters submitted to our stockholders and certain
additional matters governed by intercompany agreements between us; the
risks and uncertainties associated with the iHeart Chapter 11 Cases on
us and iHeartCommunications, our primary direct or indirect external
source of capital, which is operating as a "debtor-in-possession" under
the jurisdiction of the Bankruptcy Court; the obligations and
restrictions imposed on us by our agreements with iHeartCommunications;
the risk that we may be unable to replace the services
iHeartCommunications provides us in a timely manner or on comparable
terms; the risk that the iHeart Chapter 11 Cases may result in
unfavorable tax consequences for us and impair our ability to utilize
our federal income tax net operating loss carryforwards in future years;
risk related to the consummation of the Separation or to the fact that
the Separation may not be consummated; the impact of our substantial
indebtedness, including the effect of our leverage on our financial
position and earnings; the ability of our subsidiaries to dividend or
distribute funds to us in order for us to repay our debts; the
restrictions contained in the agreements governing our indebtedness
limiting our flexibility in operating our business; and the effect of
credit ratings downgrades. Other unknown or unpredictable factors also
could have material adverse effects on the Company’s future results,
performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this
press release may not occur. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date stated, or if no date is stated, as of the date of this press
release. Other key risks are described in the Company’s reports filed
with the U.S. Securities and Exchange Commission, including the section
entitled “Item 1A. Risk Factors” of Clear Channel Outdoor Holdings,
Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Except as otherwise stated in this press release, the Company does not
undertake any obligation to publicly update or revise any
forward-looking statements because of new information, future events or
otherwise.